Magnum Ice Cream (NYSE:MICC) Downgraded by Morgan Stanley to Equal Weight

Morgan Stanley cut shares of Magnum Ice Cream (NYSE:MICC) from an overweight rating to an equal weight rating in a report released on Friday morning, MarketBeat Ratings reports.

Several other equities analysts also recently issued reports on the stock. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating on shares of Magnum Ice Cream in a report on Wednesday, September 9th. Citigroup assumed coverage on shares of Magnum Ice Cream in a research note on Tuesday, September 15th. They set a “neutral” rating for the company. Jefferies Financial Group restated a “hold” rating on shares of Magnum Ice Cream in a research report on Tuesday, October 6th. Finally, Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Magnum Ice Cream in a research note on Wednesday, October 28th. One research analyst has rated the stock with a Buy rating, eight have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold”.

Magnum Ice Cream Stock Performance

Shares of NYSE:MICC traded down $0.73 during trading on Friday, hitting $19.38. 1,520,102 shares of the stock traded hands, compared to its average volume of 863,991. The company has a debt-to-equity ratio of 3.10, a current ratio of 1.01 and a quick ratio of 0.78. The company has a fifty day moving average price of $18.93 and a two-hundred day moving average price of $17.28. Magnum Ice Cream has a 52-week low of $12.94 and a 52-week high of $20.68.

Institutional Trading of Magnum Ice Cream

Several large investors have recently bought and sold shares of the business. First Eagle Investment Management LLC lifted its stake in Magnum Ice Cream by 1.4% in the 2nd quarter. First Eagle Investment Management LLC now owns 23,021,501 shares of the company’s stock worth $400,636,000 after purchasing an additional 312,157 shares in the last quarter. Pzena Investment Management LLC grew its position in shares of Magnum Ice Cream by 6.2% in the third quarter. Pzena Investment Management LLC now owns 14,014,899 shares of the company’s stock valued at $249,185,000 after purchasing an additional 815,283 shares in the last quarter. Flossbach Von Storch SE purchased a new stake in shares of Magnum Ice Cream in the second quarter valued at approximately $218,507,000. Bank of America Corp DE increased its holdings in shares of Magnum Ice Cream by 14.4% in the second quarter. Bank of America Corp DE now owns 4,393,528 shares of the company’s stock valued at $76,491,000 after purchasing an additional 553,262 shares during the last quarter. Finally, Amundi acquired a new stake in shares of Magnum Ice Cream in the first quarter valued at approximately $53,720,000.

About Magnum Ice Cream

Magnum Ice Cream N.V. is a global ice cream company formed through the separation of Unilever’s ice cream business. The company develops, manufactures and markets packaged ice cream products across multiple categories, including indulgent treats, family ice cream and everyday refreshment products.

Its portfolio includes well-known brands such as Magnum, Wall’s, Ben & Jerry’s, Cornetto, Carte d’Or, Solero and Breyers, although brand availability varies by market. Products are sold through retail, convenience, food-service and other distribution channels in markets around the world.

Magnum Ice Cream is headquartered in Amsterdam, the Netherlands.